SPY chart update. You be the judge. I’ll help paint the picture
Key areas of focus are the circles, specifically the the one on the far left. The price level being support for the uptrend line. You can see how the market rallied hard off this point about the 25% retrace from the “bottom”.
The blue circle at the bottom highlights increased volume in relation to the shares falling through the macro trend line(failure around 106). Looks like the next stop could be 101.68 level where we come to support at the 161 fib level from the 25% retrace point @ 88 PPS.
Interpret this chart as you will, just keep in mind this market has proven to be driven by technicals coinciding with changing market sentiment(like we have the recent week or so). Another not for the bulls, I agree we are a bit oversold on the daily, though we all know how these lower indicators can get all wound up and meaningless at extremes.